We’re all looking to save money where we can. In our series, Small Change, financial gurus share everyday hacks that soon add up.
As the cost of living crisis looms over millions across the UK, many of us are looking for ways to save money or get extra bang for our buck, especially as we head into winter.
Fortunately, six of the UK’s biggest banks are willing to pay people to switch to them – a legal bribe of cash upfront.
In their latest newsletter, Martin Lewis’s Money Saving Expert (MSE) team outlined what each bank is offering up to new customers and how to switch.
Before you race to the nearest bank to join them and bag some extra cash, it’s crucial to remember that more often than not, you’ll need to pass a credit check and it’ll then take around seven days for the switch to complete.
Fortunately, all your standing orders, direct debits and balance will be moved over – so you don’t need to worry about contacting everyone you make regular payments to with your new account information.
In one of the biggest upfront cash amounts recorded since 2017, Nationwide is offering £200 to new FlexDirect account customers, but you’ll need to switch at least two direct debits over to them.
First Direct and NatWest are offering up £175, while Club Lloyds is offering a respectable £150.
TSB will give you £125 for switching to one of their Spend and Save accounts, but there is a way to can get an extra £55 on top. However, MSE describe the process to get the extra cash as “fiddly”.
To get the additional money, you need to pay in £500+ every month until June 2023, make at least five direct debit card transactions and have two or more direct debits.
According to MSE, some people have made thousands of pounds using this method by switching more than once – they’ve got a full guide here.